Would you lose it all if you won the lottery?

If you've ever dreamed of winning the lottery (and fantasized about how you'd spend the spoils), then this quiz is for you. Receiving a multi-million dollar payout may seem like your money troubles would be over, but for some lottery winners, the cash-strapped woes were just beginning. How would you handle your lotto winnings? Test yourself by taking our quiz.

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Question 1 of 20

You've just realized you have a winning lottery ticket. The first thing you do is:

Tell your boss you're not coming back to work.

Make a mental list of everything you're going to buy.

Don't spend a dime! There's time for that later.

One of the best indicators of how you'll handle your lottery winnings is what you do first. If you make snap decisions and start spending scads of money, chances are you'll blow through your windfall in no time flat. So, save your money.

Question 2 of 20

If you win a $4 million jackpot, what's the payout?

$4 million (duh!)

about $2 million

Whatever amount you win in the lottery, you'll need to pay about 50 percent in taxes before you ever get your hands on the winnings. So before you order that custom Jaguar, make sure you can afford it.

$3 million, more or less

Question 3 of 20

What is the best post-lottery financial plan?

to sail around the world in my custom-built yacht

to map out a financial road with qualified financial advisors

Have you ever wondered why some lottery winners don’t come forward immediately? They're probably mapping out their financial plan with a team of experts. It's a smart way to make the most out of your winnings.

to spend like there's no tomorrow -- starting with a massive shopping spree at Saks

Question 4 of 20

With your lottery winnings in hand, it's time to join the ranks of the uber-rich. The first step is:

Call up a realtor who specailizes in luxury properties so you can look for a mansion.

Develop a long-term saving and investing plan.

Don't rush to judgment, no matter how tempted you are to buy your favorite sports team or shop for your dream home. The key to holding onto your money is to save and invest, while allowing for only a few special purchases.

Buy a luxury sports car with a custom paint job -- how about some fire painted on the hood?

Question 5 of 20

You've just won mega-millions, whose advice should you seek first?

your mother

a lawyer

One of the best ways to hold onto your money is to protect it. Seek legal counsel and develop a plan of action, before stepping forward with your winning ticket. Because once you do, scores of people will be ready for a handout. After you talk to the lawyer, then talk to a financial planner.

an accountant

Question 6 of 20

Which of these would you be most likely to do with your tax refund?

Go on vacation.

Buy everyone a round of drinks at the local watering hole. That'a all it covers anyway.

Save the refund in an emergency fund.

How you spend (or don't spend) your tax refund is a good indicator of what you'd do if you won the lottery. If you have a habit of treating your refund as "mad money" by spending it on clothes, trips or friends, then you'll probably burn through lottery winnings quickly. Instead, save it.

Question 7 of 20

What is the typical state of your checking account?

a healthy balance, thanks to a cushion of several hundred dollars for emergencies

If you manage your money well, those habits will influence your behavior after winning the lottery. However, if you frequenty overdraw your checking account -- or run it nearly on empty -- you'll need some clear boundaries when it comes to spending your millions.

overdrawn

a few dollars on the "plus" side until the next paycheck

Question 8 of 20

You have a lottery ticket with the winning numbers. What should you do first?

Quit your job.

Let all your friends know about your good fortune.

Sign the ticket.

A lottery ticket can be redeemed by anyone who has signed it and can produce a matching photo I.D., so be sure to sign your ticket immediately upon winning -- or you could lose it all.

Question 9 of 20

Should you accept the lottery payout as an anonymous winner?

No way! What's the point of winning if you can't make your coworkers and former high school classmates green with envy?

Yes. This saves you from getting lots of requests for money.

If state laws allow, it's a good idea to accept your lottery payout as an anonymous winner. Some past lottery winners have received threats, required police protection and lost their money to unscupulous investors.

To compromise, send your best friend instead to collect; no one will know the difference.

Question 10 of 20

Now that you've won the lottery, family members have come asking for help. What should you do?

Don’t give out anything. Once you start, more people will come begging for assistance.

Set aside a fixed portion of your winnings to help others.

It's a good idea to set aside a portion of your lottery money for charitable organizations and people you know who could use a helping hand. When you budget for this amount ahead of time, you'll be less likely to burn through your money by accommodating every financial request.

Do it on a case-by-case basis.

Question 11 of 20

Are you more likely to lose it all if you take a lump-sum lottery payment rather than annual installments?

yes

Most lottery winners (some reports claim up to 90 percent) take a lump-sum payment. However, having your winnings doled out annually could encourage more financial stability -- and protect your finances from impulsive mistakes.

no

It makes no difference either way.

Question 12 of 20

What's one secret to living off your lottery winnings, long-term?

Get a roommate to share expenses.

Put the money in long-term investments and live off the interest.

If you place your lottery winnings in long-term investments, you should make enough interest to cover your living expenses, leaving you a nest egg for the future.

Tie up lots of the money in real estate.

Question 13 of 20

You've just received the check representing your massive lottery win. Where should you deposit it?

a large brokerage firm

Beware of FDIC limits at most banks; the FDIC only insures up to $250,000 per account. Instead, take your check to a large brokerage firm, which can help you divide the winnings across several accounts.

your regular bank

check cashing store

Question 14 of 20

Where's the best place to stash your winning lottery ticket?

Have a friend hold it for you.

bank safe depost box

Your best best is to keep your winning lottery ticket in a safe depost box at the bank. If that's not an option, you could store the ticket in a large, fireproof home safe.

under the mattress

Question 15 of 20

If you won the lottery, a firm understanding of which theory could serve you well?

prospect theory

Prospect theory is an oft-used educational tool in financial investing. This theory posits emotions are more powerful than reason, which is why investors will refuse to acknowledge a poor decision -- even as stock prices slide.

peircian theory

"The Big Bang Theory"

Question 16 of 20

What is one personal factor that can ensure your lottery winnings last the rest of your life?

IQ

age

When 82-year-old Charles Maginnis won the lottery in 2011, headlines captured a surefire positive about age: Maginnis probably wouldn't outlive his lottery earnings. So, if you've already retired when you strike it rich, don't feel too bad about a couple of financial splurges.

gender

Question 17 of 20

True or False: Lottery winners don't need budgets.

True

False

If you are a lottery winner, you'll need a budget more than ever. Having guidelines that direct your spending can help you manage your newfound wealth and banish regrets.

Question 18 of 20

What is an unexpected pitfall after winning the lottery?

lack of sleep

psychological issues

According to the National Endowment for Financial Education, people who receive an unexpected financial boost -- like a lottery win -- are often unprepared to deal with the psychological consequences, which range from feelings of guilt to anger.

weight gain

Question 19 of 20

Most people think winning the lottery will bring:

uncertainty, because you worry about how to spend the money wisely

happiness, because it will solve all your financial woes

Despite what most people think, money, no matter how much you gain, can't magically make you happy. In fact, it may create some new stresses for you.

stress, because of all the problems associated with lots of money

Question 20 of 20

What is the "lottery curse"?

Overall, your life becomes worse after you win the big payout.

The "lottery curse" occurs when someone wins the lottery, only to have multiple things go wrong. Whether falling onto hard times, losing loved ones or experiencing misfortune, the "lottery curse" is a very real concept to some winners.